Most recent columns

Frans Verhaar: Real estate is back in the black — or is it?

Wed, 07 Jan 2026 08:23:53 +0100

_{This column was originally written in Dutch. This is an English translation.}

By Frans Verhaar, Managing Director, Head of Continental Europe at bfinance

It seems that the real estate market is back in the black. After years of turbulence, in which illiquidity, valuation pressure, and revaluations dominated the headlines, the figures are suddenly looking more positive again. But before we pop the champagne, a fundamental question arises: what does this “recovery” actually mean? And for whom?

Frans Verhaar: Validation, the invisible cost

Mon, 05 Jan 2026 17:07:02 +0100

By Frans Verhaar, Managing Director, Head of Continental Europe at bfinance

The costs of illiquid investments have been under scrutiny for years. And rightly so: the total fee burden on private equity, private debt, real estate and infrastructure is considerable and can significantly affect the net return over the term. Yet one crucial aspect of cost management often remains overlooked: validation. In other words, do investors check whether the agreed terms are actually being applied correctly?

Frans Verhaar: Democratization or retailization of private markets?

Mon, 05 Jan 2026 17:08:17 +0100

_{This column was originally written in Dutch. This is an English translation.}

By Frans Verhaar, Managing Director, Head of Continental Europe at bfinance

Ten years ago, private markets were still the preserve of pension funds, sovereign wealth funds, and large banks. For wealth managers, private equity, private debt, and infrastructure were mainly something to observe from a distance, not something to gain access to themselves.